Trade of the Day: EUR/AUD

EUR/AUD recently broke the key resistance level 1.6280, which was recently identified by Autochartist. This chart pattern indicates possible bullish price movement toward the target level 1.6382. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 1.6326 with the protective stop-loss at 1.6221.

As can be seen from the daily EUR/AUD chart below – the pair earlier reversed up from the key support level 1.6150 (which has been reversing the pair from last year), coinciding with the lower daily Bollinger Band and the support trendline of the weekly down channel from August. Given the proximity of the support level 1.6150, EUR/AUD can be expected rise to the target level 1.6382.